While many lenders will have varying requirements and may demand that a borrower submit different types of documentation, the following should be treated as a guideline of what is required in a pursuing a short sale.
Contact Your Lender Immediately:
You need to make the effort to find the right person responsible for handling a potential short sale. You want to talk to person in charge of loss mitigation for the lender, you want a supervisor's name, the name of the individual capable of making these kinds of decisions.
Submit a Letter of Authorization:
Your lenders will not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, Title Company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. You should include the following information: name, address, loan number, third party agents involved and contact information on both the agents and yourself.
A Preliminary Estimate of Your Lenders Proceeds:
A preliminary HUD-1 settlement statement that indicates the sales price you are under contract for and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, if any. Your third party agent (realtor, title company or lawyer) should be able to prepare this for you. The bottom line should not indicate any net proceed to the seller.
Your Circumstances, In The Form of a Hardship Letter:
A complete description of the facts that brought you to financially challenging situation and why you have a valid reason for the lender to accept less than full payment. Lenders can understand many circumstances are unavoidable, loss of job, death, divorce, etc., but they are not very compassionate to situations involving dishonesty, misrepresentation or criminal (or criminally negligent) behavior.
A Complete Financial Statement:
Be truthful about your current financial situation and disclose your assets and liabilities. Provide information on savings accounts, money market accounts, stocks or bonds, cash, real estate or anything of tangible value. Your lender will need to be assured that you cannot pay back any shortfall in the short sale transaction.
Proof of Valuation:
Many homeowners caught by the current downturn of the real estate market have lost significant equity in their home. This should be part and parcel as to why you cannot sell your home for enough to pay off the existing lien. You need to substantiate this value to the lender through a proof of valuation. In declining value to the lender you could present a fully completed appraisal, a comparative market analysis (CMA) or a broker’s opinion of value.
Your Purchase Agreement and Listing Agreement:
The lender should want a copy of the executed offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to allow payment of certain items such as home protection plans or seller concessions inspections.
If your package is complete, the facts are accurate and the circumstances speak for themselves, the lender will approve your short sale. Within the ongoing communications and negotiations, you should ask that the lender not report any adverse credit references to the credit reporting agencies, although they would be under no obligation to accommodate this request.
Modify Search Criteria
125 Culberston Court
Holly Hill, SC 29059
Evergreen
Residential
MLS# 24001997 / Active
The Hannah is one of our newest floorplans designed for small cozy, comfortable living. This home has two bedrooms and two bathrooms. When you ente...
Reduced -$12,000
464 Locust Street
Walterboro, SC 29488
Country Estates
Residential
MLS# 24001918 / Active
Welcome to this breathtaking custom-built home. Enjoy upgraded luxury features throughout this expansive two-story home offering versatile living s...
2 Radcliffe Street
Charleston, SC 29403
Residential
MLS# 24001916 / Active
Introducing an exceptional investment opportunity nestled just off the vibrant King Street, this commercial space with a conveniently located apart...
509 Rhythm Street
Summerville, SC 29486
Nexton
Residential
MLS# 24001915 / Active
Why wait for a home to be built when you can view this stunning, barely lived-in Hutchinson model? A wide front porch offers a picturesque view of ...
Reduced -$20,000
175 1/2 Wentworth Street
Charleston, SC 29401
Harleston Village
Residential
MLS# 24001745 / Active
EXPLORE THIS SEMI-CUSTOMIZABLE BUILD OUT WITH RENDERING BASED CONSTRUCTION. Rendering based construction allows you to see your design selections b...
Reduced -$1
2144 Cheswick Lane
Mount Pleasant, SC 29466
Rivertowne On The Wando
Residential
MLS# 24001727 / Active
Beautiful house in Rivertowne On The Wando subdivision. House is on deep water. Shared dock with other eight other members, and individual boat lif...
513 Marsh Cove Circle
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24001628 / Active
55+ Adult Community in Cane Bays Four Seasons popular neighborhood. The Dorchester floor plan is newly finished construction that is Move-in ready....
Reduced -$19,000
545 Towles Crossing Drive
Johns Island, SC 29455
Opti Isle
Residential
MLS# 24001498 / Active
Welcome to Kingfisher Island, eleven waterfront homesites overlooking Rantowles Creek that set the standard for relaxed coastal living with a flair...
546 Towles Crossing Drive
Johns Island, SC 29455
Opti Isle
Residential
MLS# 24001493 / Active
Priced well below appraisal for instant equity! Welcome to Kingfisher Island, eleven waterfront homesites overlooking Rantowles Creek that set the ...
Reduced -$250,000
531 Switchgrass Drive
Summerville, SC 29486
Nexton
Residential
MLS# 24001487 / Active
Welcome home! This single-story open floor plan is in the very desired Del Webb Nexton. It is situated on a quiet cul-de-sac with professional land...
Reduced -$5,000
Merritt Road UNIT D-4
Charleston, SC 29407
The Slips At Ripley
Residential
MLS# 24001414 / Active
17.5 x 60 foot boat slip at Ripley Marina. Great location, easy access to the Charleston Harbor, limited tidal flow and wind. Easy docking and redu...
30 Mariners Cay Drive UNIT #30
Folly Beach, SC 29439
Mariners Cay
Residential
MLS# 24001373 / Active
Welcome to beautiful Folly Beach and the wonderful riverfront community of Mariners Cay. This 2BR/2.5 Bath property offers spectacular views up & d...
Reduced -$51,500
222 Haddrell Street
Mount Pleasant, SC 29464
Old Village
Residential
MLS# 24001325 / Active
Welcome to this magnificent waterfront property, offering approximately 4,000 sqft of luxurious living space. This stunning residence, designed by ...
Reduced -$400,000
418 Altman Street
Moncks Corner, SC 29461
Fairlawn
Residential
MLS# 24001259 / Active
OPPORTUNITY!!!This fully detached brick ranch style home is situated on a quiet tree lined street and surrounded by a large landscaped lot. A PICTU...
Reduced -$10,000
126 Marsh View Villas
Folly Beach, SC 29439
Mariners Cay
Residential
MLS# 24001248 / Active
Experience coastal living at its finest in this stunning three bedroom, three bathroom condo located on Mariner's Cay, just moments away from Folly...
67 W 10th Street UNIT D17
Folly Beach, SC 29439
Sunset Cay Marina
Residential
MLS# 24001161 / Active
Sunset Cay Marina boat slip D-17 is awaiting your boat with open arms. This gated marina has plenty of parking and is largest marina near Folly Bea...
Reduced -$2,500
1984 Folly Road UNIT B209
Charleston, SC 29412
Pelican Pointe Villas
Residential
MLS# 24001154 / Active
Seller has added new carpet and paint Beautiful 2b/2ba Condo with a rare dedicated covered parking space and a BONUS sunroom that could be an offic...
Reduced -$1
2317 Sunfish Circle
Charleston, SC 29412
Oak Island
Residential
MLS# 24001124 / Active
Welcome to your dream deep water home nestled on the serene Oak Island Creek, just 1.5 miles from the beautiful shores of Folly Beach and mere minu...
Reduced -$300,000
833 Schoolhouse Road
Dorchester, SC 29437
Residential
MLS# 24001107 / Active
Featuring almost 7 acres and located in the fast growing city of Dorchester, this property is full of endless possibilities. With no HOA, you can p...
Reduced -$25,001
7600 Palmetto Drive UNIT B209
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 24001026 / Active
Investment opportunity or resort living in Shipwatch!! Sun-drenched oceanfront condo now available in exclusive Wild Dunes. This prestigious gated ...
Reduced -$50,000
617 Daggett Street
Charleston, SC 29492
Daniel Island Park
Residential
MLS# 24000760 / Active
Beautiful newly renovated home from top to bottom in Daniel Island Park. All one floor living! Truly one of a kind! Stunning and meticulously maint...
Reduced -$57,000
The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than EXP Realty LLC are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 09-16-2024 4:06 PM EST .
The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
Copyright 2024 Charleston Trident Multiple Listing Service, Inc. All rights reserved.